In September, there was an increase in closings of new homes in the Coeur d'Alene, ID market year-over-year, but with a rise less sharp than August 2015, there were suggestions the market may be evening out. Closings climbed 67.4% from a year earlier to 72. This followed a 97.1% rise year-over-year in August.
A total of 554 new homes were sold during the 12 months that ended in September, up from 525 for the year that ended in August.
New home closings represented 12.0% of overall housing closings. This is an increase on a percentage basis, as new home closings were 10.7% of total closings a year ago. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
In September, there was a 6.6% bump year-over-year in the average price of newly sold homes, reaching $259,934 per unit. This surge is smaller than the 26.1% rise in August year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In September 2015, there was a 9.6% hike in the average mortgage size, reaching $229,419. Average mortgage size grew 31.5% in August 2015 from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 97.7% of new home closings to 98.6% of closings while attached units have gone from 2.3% of closings to 1.4% of closings.
There was a 9.1% surge year-over-year in the average unit size of newly sold homes to 2,160 square feet in September 2015. The average size of newly sold homes moved from 1,940 square feet in August 2014 to 2,848 square feet in August 2015. An increase was also seen in August 2015 when the average size of new homes sold jumped 46.8% to 2,848 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 10.2% of existing home closings, below 17.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.2% in September from 5.6% a year earlier while REO closings as a percentage of existing home closings fell to 6.1% from 11.5% a year earlier.